This invention relates generally to the field of stored value cards, and in particular to the issuing of such cards. More specifically, the invention relates to systems and methods for issuing cards of different types that share the same stored value record.
The concept of stored value allows something of value, such as cash, points, phone time, and the like to be placed on a delivery instrument. Examples in the retail world include gift certificates, merchandise credits, loyalty cards, membership cards, and even simple punch cards.
Traditionally, most stored value products have been paper-based. Although workable, paper documents bring with them a host of issues, including special sales and redemption procedures, lengthy transaction times, security issues, financial reporting issues and the like. Current technology now permits the conversion of these paper products to an electronic product, enabling businesses to operate more efficiently and to provide better customer service. More specifically, such cards are easy to use and handle and can be easily processed via existing point-of-sale equipment. Further, there is no manual handling of paper-based cash substitutes. Such cards can move transactions faster because there is no need to count and collect cash or manually process paper-based gift certificates or merchandise credits. Such cards are also accurate and secure transactions are processed in seconds. Other advantages of such cards is that they are safe and provide cost-savings. Such cards can substantially reduce cash handling costs as well as reduce the potential for employee loss or theft since every transaction is tracked electronically on a central database. Further, such cards may increase sales and customer loyalty and may produce new revenue streams.
Consumer acceptance of such cards is becoming more widespread. Such acceptance may be because such cards are convenient to use and reduce the need to carry currency, gift certificates, merchandise credits or coupons. Further, these are small, easy to carry and use. Another advantage is that such cards are fast to use. The actual transaction time is typically faster than that for a credit or debit transaction and much quicker than the manual handling of gift certificates or merchandise credits. In addition, there is no change to count or handle. Such cards are also safe by reducing the amount of cash customers must carry. These cards may also be pre-paid for a set value so as to be self limiting.
The traditional type of stored value card is a “brick-to brick” card that is purchased in-store and is usable in-store (a physical-only usage). However, with the advent of the Internet, other types of stored value cards have become available. These include brick-to-click cards that are bought in-store and usable in-store as well as on the web; click-to-click cards that are bought on the web and used only on the web (a virtual-only usage); and click-to brick cards that are bought on the web and used on the web or in-store.
This invention relates to ways to issue such cards to cardholders. More specifically, the invention relates to the issuing of different types of stored value cards, where all of the cards are tied to a single stored value record.